Today's Support and Resistance levels:
R3: 1.6106
R2: 1.6054
R1: 1.6001
Current spot: 1.5925
S1: 1.5900
S2: 1.5888
S3: 1.5807
Technical summary:
The acceleration lower has invalidated the possible ending diagonal scenario. The downside acceleration has shifted the count to a much more dynamic decline in wave iii lower, and we will be looking for a decline towards the 161.8% wave i target at 1.5524 as our preferred count. The price action since mid-September last year has somewhat of a nightmare, but maybe (just maybe) things finally becomes easier to read. The first minor target we will be looking for is at 1.5702, but after a minor consolidation the next decline should be seen.
Trading recommendation:
The stop at 1.5970 was hit for a loss. Sell EUR here at 1.5925 with a stop placed at 1.6000.